ATO

New ATO rulings, determinations, decisions and guides

The following key Taxation Rulings, Taxation Determinations, Interpretative Decisions and Law Companion Guides have recently been released: TR 2017/D8  The ATO has released an explains the methods acceptable to the Commissioner for returning income derived and recognising expenses incurred in long term construction projects. This draft ruling affirms that the completed contracts method remains unacceptable

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ATO due dates

Date Obligation 1 December Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgment of return is due 15 January 2018. Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged. Lodgment of return is due 15 January 2018. Pay

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Commissioner’s ‘remedial power’ flexed for first time

The Commissioner of Taxation has limited powers to modify the implementation of tax law in circumstances where taxpayers will benefit, or at least be no worse off, as a result of the modification. The first use of this power to modify the law (the Commissioner’s remedial power, or CRP) took effect on 17 October 2017.

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Single Touch Payroll: ATO’s live stream with employers

The ATO has invited several employers to an upcoming “employer engagement” forum next week (on Thursday 16 November) where they will be able to clear up any questions or concerns they still have about Single Touch Payroll (STP). Attending the forum will also be ATO and payroll industry experts, who can answer any questions and

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Substantiation for work expense claims

Claims for work-related expenses, car expenses, and travelling expenses incurred by an individual must be substantiated if the claims are to be allowed (Division 900 of ITAA97). As well as the requirement to incur deductible expenditure, the “substantiation” rules impose a strict evidentiary requirement that must be satisfied if claims are to be allowed. Substantiation

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